Whether you’re trying to find a way to save time and energy by outsourcing payroll administration or your old payroll partner just isn’t cutting it, you’re going to have to deal with the process of switching to a new payroll system, also known as payroll conversion. A rough transition to a new payroll system can lead to serious issues, including IRS penalties for non-compliance. Fortunately, there are some ways to help alleviate some potential issues that can arise when you convert your payroll process to a new system.
Let’s be honest; what business owner looks forward to managing payroll? While payday may be exciting for your employees, it’s likely that you’re not thrilled about having to put together payroll reports, track deductions, and oversee every other critical aspect of payroll administration, especially if you do everything by paper.
For some small business owners, payroll administration is just a necessary part of business life and the business isn’t big enough to justify its own HR department. While payroll administration is necessary, it doesn’t have to be a big burden. Online payroll software can give you the tools to take some of the pain out of payday preparation. Here are a few questions you should consider when evaluating your payroll management process.
Let’s face it, you didn’t decide to run a business because you were excited to manage payroll. Ongoing payroll management can clog your schedule, forcing you to run reports and handle tricky calculations instead of taking the time to find other ways to grow your business. Fortunately, payroll software can help you free up your schedule while improving your payroll process.
While a good online payroll system can benefit business owners, some may be skeptical about making the move to payroll software. Here are three myths about online payroll software that you shouldn’t always believe.
Payroll is an important part of every business. While some small business owners take the time and effort to handle payroll administration in-house, certain factors can signify that outsourcing payroll with a PEO might be in your best interest. Here are some signs that it may be time to consider a switch.
QuickBooks software is the most widely-used accounting application for small businesses, according to Forbes. For decades, QuickBooks has been a popular option for small business owners and finance professionals to use on-premise, usually with one individual taking sole responsibility for accounting and payroll internally. More recently, QuickBooks has released a cloud-based version named QuickBooks Online, and along with it have come several new competitors in the online payroll and accounting software space.
While many of these platforms have similar features, relying on these accounting and payroll Software-as-a-Service (SaaS) applications also have many potential drawbacks for small business owners. The following are some of the things small business owners should take into consideration when choosing between a platform like QuickBooks or outsourcing these services.
Paper has played a huge role for businesses. Legal documents and contracts can be found in offices around the country. Business cards and print ads helped to seal deals for decades. Even money is printed on paper. Thanks to technology, however, the times have been a changin’.
In this digital age, businesses can cut down on paper usage in favor of online documents and processes. It’s become so popular that, according to a study on document-creation site Nitro, 49 percent of CEOs name sustainability as a top three initiative for their organization. A paperless workplace is a great way to achieve that goal.